He Ministry of Trade and Industry (MICI) informs that it is in the process of reviewing all applications for granting concessions in the process, i.e. in the process of renewal or extension.
The measure is based on Law 407 of 2023, which prohibits the granting of concessions for the exploration, extraction, transportation and benefit of the exploitation of metallic ores throughout the national territory.
In accordance with the provisions of Article 3 of this law, after the appropriate procedures have been implemented, MICI will provide the archive of these files, within three months from the promulgation of the law, made in Official Gazette 29904 03.11.2023.
On November 3, the president Laurentino Cortizo sanctioned Law 407 which prohibits the granting of concessions for the exploration, extraction, transport and benefit of the exploitation of metallic ores throughout the national territory.
Some protesters continue to block streets demanding that the Mining Contract Act 406 be repealed or await a ruling on its unconstitutionality Supreme Court of Justice.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
